i am in need of answers, i have been in a contract for 2 years, i have paid to have my furnace maintained, now the darn thing quit, I know I am responsible for some repairs, but, for a furnace that is 30 years old should i be responsible for replacing it, It is worn out because of age. 2 years in a land contract, and if i let them put the furnace in, they want me to pay them back, should i be responsible. Mother of four children low income, and its 21 degrees. Stamp sucker on me? OR give me some good advice please????????? I NEED advice I live in Missouri. IF i pay this back to them, I will NOT pay this property off, it will put me in the hole again another 1 1/2 years.
2007-11-06 22:22:16 · 9 answers · asked by Melissa D 1 in Business & Finance ➔ Renting & Real Estate
RENT TO OWN, SAME AS YOURS, BASICLY OWNER FINANCE. PART OF OWNING YOUR OWN HOME, KIND OF SUX BUT TRUE
2007-11-06 22:34:23 · answer #1 · answered by jgyorkiepuppies 2 · 0⤊ 0⤋
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2016-09-10 05:49:09 · answer #2 · answered by ? 3 · 0⤊ 0⤋
This really depends on the wording of the contract, (a legal question). A real estate attorney. This is one of the things of home ownership, with the real estate market the way it has been, I personally lost $50,000 worth of home improvements because the market went down and I could not sell. Just thank God that you still have a place to live and they are helping you get the new furnace. There are programs out there that will help with low interest loans also.
2007-11-06 22:42:57 · answer #3 · answered by Wylie Coyote 6 · 0⤊ 0⤋
You are not responsible for all repairs. If the furnace gave up, there should be a clause within your agreement stating what's your responsibility or not.
However, things like furnace, appliance, water heater, A/C and appliances should have some warranty with them & make sure the owner provided you with the purchase information upon the time he/she purchased them with the home. Go back and read your lease/rent-to-own agreement or contract and see what's included.
On the other hand, they could be covered under your HOA, HOA cover some stuff inside the home and the owner help cover some to a certain amount.
PS: please read your agreements/contract to its full extent before signing, negotiate what you don't like so you both become a happy campers, otherwise, the owner will always win if you don't read your contract as you have signed for it. Anything signed becomes legal and may be hard to fight in court.
If you are not comfortable or if they can't/refuse to negotiate, it's ok to walk away before giving/providing any type of payments. Remember: you want to own that house, if you can't picture yourself being happy right now before moving in, then you will not be happy through the process, you may end up losing everything if you give up and homeowners out there do this program on purpose, its a quicker way to become rich on each tenant who enters that property....same process, same results, more money$$ in his pocket.
Be smart, read, read and read....even if it takes 3-5hrs to read all the clause, hidden information, question what you don't understand....negotiate or WALK AWAY!!!
2014-03-16 09:07:06 · answer #4 · answered by R 1 · 0⤊ 0⤋
You indicate 'rent to own', and then state you are in a land contract. If you are renting with the option to purchase (rent to own), the owner of the property should replace the furnace. If you took a land contract from the owner, YOU are the owner, and are expected to pay.
You need to determine just what type of contract you are in.
2007-11-07 00:14:38 · answer #5 · answered by acermill 7 · 0⤊ 0⤋
Rent to owns are tricky. Here is usually how it works, if you are just renting with the option to buy, but have not signed to the papers to buy it, then you are basically renting it, and replacing the furnace is their responsibility. If you have signed the papers and are in agreement that you are now buying the house and are making payments towards purchase, then it is your responsibility.
2007-11-06 23:36:45 · answer #6 · answered by ... 4 · 0⤊ 0⤋
Sorry. But if your in a rent to own, you have to pay. All the problems are yours. Anything that breaks down. It's up to you to fix. I know how ya feel, kinda. My gas got shut off and we're using electric heaters. Small house though. But we are warm. Best of luck to you.
2007-11-06 22:33:23 · answer #7 · answered by shari 4 · 0⤊ 0⤋
relies upon on how the settlement is written. verify the settlement for sure outlines that any considerable upkeep must be dealt with via the owner, no longer the renter. normally, the owner has to pay for considerable upkeep because they very own the abode.
2016-12-08 14:36:12 · answer #8 · answered by ? 4 · 0⤊ 0⤋
call your local city hall.they should be able to help you.i think until "you" own the house the current owner is responsible for that
2007-11-06 23:33:33 · answer #9 · answered by Anonymous · 0⤊ 0⤋